CA - /Reuters/ - MGM Mirage's proposed new mega-resort in
Atlantic City's up-and-coming Marina District will cost $1
billion to $1.5 billion, and will have a warm weather theme,
CFO Jim Murren said on August 20.
MGM Mirage first disclosed its plans for the resort in 2000,
saying the project would be on 50 acres of land next to the
Borgata, its $1 billion joint venture with Boyd Gaming Corp.
now under construction.
then, however, MGM Mirage has provided few details about the
Atlantic City project on the New Jersey shore.
in a phone interview, Murren told Reuters the resort is expected
to cost "toward the upper end'' of the $1 billion to $1.5
said the resort will create an environment that will be "comfortable
and compelling'' throughout the year.
means you've got to bring a lot of energy and a lot of warmth
and excitement inside to an area that's pretty raw in the
winter,'' he said. "People are going to feel transported from
the bracing weather of the East Coast in the winter.''
also said that Renaissance Pointe would be the new name for
land formerly known as the H Tract, where the Borgata and
other new casino will be located. Both resorts are in Atlantic
City's emerging Marina District, which is away from most of
the older and smaller casinos in the traditional Boardwalk
area. "We spent a lot of time on the name,'' Murren said.
coming back to Renaissance Pointe because of a variety of
connotations. At minimum, it represents the rebirth of an
area and in many respects...a rebirth of a city as well.''
said more details on the resort would be announced by early
next year. He added that MGM Mirage would like to open the
property one to two years after the Borgata.
the new resort would not necessarily be bigger than the Borgata,
which, with more than 2,000 rooms, will become Atlantic City's
largest casino when it opens in 2003.
new casinos combined will significantly increase the number
of hotel rooms in a city whose growth has been limited by
a relative shortage of rooms. The city, home to 12 casinos,
now has about 12,000 rooms, or a fraction of the 125,000 rooms
in Las Vegas.